The owner portal provides you access to so many great resources. You will have access to see financials, documents, maintenance requests, property inspections, bills, and reports!
One of the most frequently asked questions our team receives is “how do I know what my income and expenses are”. It’s so simple, one report you can use is the Rental Owner Statement, within your portal.
To access your Rental Owner Statement, click on Reports, Owner Statement and follow along below.
In the Rental Owner Statement, it is important that you specify the month you are referencing. For example, if you are trying to understand your owner draw for June 2022, you should specify the dates from June 1 to June 31. You can select Month End June 31 as well.
In the screenshot above when looking at Summary by Property, you can see the beginning balance line. Here, many homeowners will see either $0.00 which means our team does not hold any funds for the homeowner, or an amount equivalent to the last month’s rent deposit, (this typically means we hold onto the deposit from the tenants in your unit). At times, this balance could be slightly off, this is due to a change in bank account, or migration of software and generally fixes itself over a one-month cycle.
Income: is the total amount of funds received during this time
Other Additions: sometimes you will see a nominal amount in this spot, which is generally due to a deposit top up for the tenants’ last month of rent.
Expenses: this generally includes items that are expensed to your property, maintenance, legal fees, etc.
Owner Draw: this is the amount that our team has sent to you for the specified period. Generally made up of rental income.
Other Subtractions: sometimes you will see a nominal amount here which is generally the holding of the deposit top up.
Property Reserve: this amount is held by our team to ensure there is always sufficient funds to process balances owed on your property.
Your income statement shows all income and expense incurred by the property for the specified period.
When producing the Rental Owner Statement, we recommend selecting the transaction details. This provides an overview and specific details of activity for your property.
You can also review the Income Statement for a simple overview of income and expenses. We suggest you select a time period and monthly intervals so you are able to see the property on a monthly basis.
As always, if you have any questions regarding the breakdown of your rental income, feel free to reach out to our team!